The significance of product security in today's increasingly complex ecosystem of connected devices cannot be overlooked, with nearly 60% of organizations recognizing real financial repercussions due to security concerns.
With growing frequency, product security is becoming a critical factor in the procurement of connected devices, directly impacting sales and financial outcomes for companies.
Here are six key ways in which product security influences a company's financial health:
Purchase Decisions: Buyers are more frequently incorporating product security into their purchasing criteria, demanding that sales teams provide evidence of secure products through means like Software Bills of Materials (SBOMs).
Brand Reputation: The security of a product is becoming synonymous with a manufacturer’s reputation, influencing buyer choices especially when considering the security implications of more affordable, less reputable options.
Legal Requirements: With the tightening of regulations across various sectors, product security is not just expected but often required by law, pushing companies to adhere to stringent security standards and compliance requirements.
Embedded Technologies: The proliferation of devices with embedded technologies across industries underscores the growing reliance on these devices and the critical need for their security.
Market Differentiator: In environments where traditional security solutions are inadequate for embedded devices, demonstrating robust product security measures can set manufacturers apart in the marketplace.
Proactive Investment Reduces Future Costs: Investing in product security early in the development lifecycle can mitigate later expenses related to remediation, reputational damage, and potential fines for non-compliance.
Understanding the importance of investing in product security is crucial for navigating the complexities of the modern connected world. The Finite State Platform offers organizations the tools they need to enhance their product security, providing vital insights to identify, address, and mitigate vulnerabilities effectively.
By focusing on reducing the risks associated with connected devices, we aim to support businesses in improving their product security postures.
Contact the Finite State team to learn how we can assist in advancing your product security initiatives.